Ex-Wells Fargo FA Suspended For Calling Himself a Banker

by
x3mdot Staff

|

No Comments

Share This

Parties:

Financial Industry Regulatory Authority Department of Enforcement

vs.Jack G. Donnarumma

Background: Donnarumma entered the industry in August 2007 and worked for Wells Fargo Advisors from May 2013 to November 2014 when his registration was terminated by a Form U5 filed by Wells Fargo Advisors.

Overview: Between April and August of 2014, Donnarumma misrepresented in emails to both customers and prospective customers that he worked for Wells Fargo Bank, referring to himself at different times as a “personal banker,” “banker” or “bank officer” when this was not the case. He also falsely stated in an email that Wells Fargo Bank was “prepared to close immediately” on a standby letter of credit purchase transaction. Additionally, in August 2014, Donnarumma falsely claimed in a letter to a client that Wells Fargo Advisors was interested in providing financing for a proposed sale-leaseback of five commercial jets. He also disregarded instructions from his supervisor to halt any business or communications regarding standby letters of credit and bank guarantees, thereby violating FINRA Rule 2010.

Result: Donnarumma signed a letter of acceptance consenting to a two year suspension from associating with any FINRA member firm and a $20,000 fine. He did not admit or deny the findings.